INDT - Bond Rout Deepens

• U.S. equity markets were broadly lower this past week amid an ongoing "bond rout" after minutes from the latest Fed meeting revealed an aggressive -perhaps combative - monetary policy posture.
• Snapping a three-week winning streak, the S&P 500 declined 1.2% on the week, but the selling was more significant among smaller market cap tiers as Mid-Caps declined 3.4% while Small-Caps slid 4.3%.
• Following their best week in over a year, real estate equities were again among the leaders this week. The Equity REIT Index declined 0.6% with 10-of-19 property sectors in positive territory.
• Fixed income securities across the credit and maturity spectrum are in the midst of the most significant broad pull-back since the Great Financial Crisis, which has started to raise some questions about potential instability.
• The bond selling came despite a "flight to quality" pattern in the equity market following concerning headlines about sweeping COVID lockdowns in China and an apparent "super-spreader" event a D.C. political gala.

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